As 18 related party

answered on 19-Sep-23 17:53

What is meant by substantial interest, and significant influence

latest answer

✔️ Substantial Interest means holding voting power of 20% or more. ✔️ Significant influence means power to participate in operating and financial policies of entity

Krishnan K

CA Inter

★ 5K+

1

207

Buy Back of shares ( Super limited)

answered on 19-Sep-23 13:00

When we check the debt equity test. Do we consider current liabilities as debt? Is current maturities of long term borrowings a non current liability.

latest answer

Yes, we should consider current liabilities as a debt. Current maturities of long term borrowings is a current liability, under other Current liabilities

Shamseer

CA Inter

★ 290

1

226

Rectification of Errors in the next Accounting Period

answered on 19-Sep-23 16:37

Relevant Account, Suspense Account and Profit & loss Adjustment Accounts are used to Rectify the Errors. In what scenario (nature of transaction) we should choose profit & loss Adjustment Account or Suspense Account.

latest answer

Relevant account before TB Suspense account after TB is prepared P&L Adjustment - After P&L is prepared

Siv Ram

CA Inter

★ 775

2

450

Accounting Process

answered on 26-Sep-23 10:29

All of the following are not considered cash except? A.Postage and stamps B.Securities C.Investments D.Cheques The answer is given as ( D.)Cheques, can anyone explain why?

latest answer

Because cheque is a paper which contains money value

Nidhi S

CA Inter

★ 4K+

6

268

Foreign operations[ branch accounts, AS11]

answered on 21-Sep-23 20:18

How to identify whether in the question the foreign operation is integral or non integral foreign operation.

latest answer

An integral foreign operation carries on its business as if it were an extension of the reporting enterprise's operations.

Muhesh YM

CA Inter

★ 0

5

282

Insurance claims

answered on 21-Sep-23 09:32

What is the upward trend percentage?

latest answer

In this question adjustments are already given.

Ujwal Reddy

CA Inter

★ 7K+

4

249

As 3

answered on 16-Sep-23 21:18

In this cash outflow towards purchase of plant is 20,000 (120,000-100,000) because for 1,00,000 we issued bonds as consideration. Then in this sum why they reduced 120,000 as outflow towards purchase of plant

latest answer

Point 3 is separate point and point 5 is separate point

Krishnan K

CA Inter

★ 5K+

5

229

Accounting for special transaction

answered on 21-Sep-23 20:18

Why due date is not entertained in the transaction happened in April 20 as the question has given the invoice as 15.4.2020 which is within the closing date? please answer as soon as possible

latest answer

That is dishonour entry

Divinne Fiona

CA Inter

★ 9K+

2

251

how come outstanding liability is a element of cash flow

answered on 16-Sep-23 12:43

page no. 11.93 and 11.92 of new syllabus illustration no. 6 ryan ltd.

latest answer

As per indirect method, to adjustment of net profit we are showing outstanding liabilities even through no cash flows. But, as per direct method we are not to be shown this type of expenses only cash receipts and cash payments.

Angry Toshniwal

CA Final

★ 505

3

414

Doubt

answered on 21-Sep-23 09:35

Sir after completing final accounts chapter is it better to start with accounts for incomplete records or shall I start partnership or npo or company accounts?? Please give some tips and guidance 🙏

latest answer

ICAI has not yet released.

sai t

CA Foundation

★ 2K+

4

220